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THE EXPERIENCE AND INSPIRATION OF CHINA'S ECONOMIC REFORM

JI Bao-cheng

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Abstract

The fundamental experience of China's economic reform lies in developing the socialist market economy,which features a combination of its basic socialist economic systems and market economy,a combination of transforming its state-owned economy towards a market-oriented one and exerting the guiding role of the said economy,a combination of macroscopical instructions by government and the fundamental functions of market mechanism,a combination of improving efficiency and promoting fairness,a combination of preserving independence and participating in economic globalization,and a combination of preserving the public-welfare-serving virtue of public sector and utilizing means of market operations.Development of economics in China needs to adhere to Marxism as a guide,build an economic theory with Chinese characteristics,and take a path of independent development.

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What this paper is about

The fundamental experience of China's economic reform lies in developing the socialist market economy,which features a combination of its basic socialist economic systems and market economy,a combination of transforming its state-owned economy towards a market-oriented one and exerting the guiding role of the said economy,a combination of macroscopical instructions by government and the fundamental functions of market mechanism,a combination of improving efficiency and promoting fairness,a combination of preserving independence and participating in economic globalization,and a combination of preserving the public-welfare-serving virtue of public sector and utilizing means of market operations.Development of economics in China needs to adhere to Marxism as a guide,build an economic theory with Chinese characteristics,and take a path of independent development.

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Available abstract

The fundamental experience of China's economic reform lies in developing the socialist market economy,which features a combination of its basic socialist economic systems and market economy,a combination of transforming its state-owned economy towards a market-oriented one and exerting the guiding role of the said economy,a combination of macroscopical instructions by government and the fundamental functions of market mechanism,a combination of improving efficiency and promoting fairness,a combination of preserving independence and participating in economic globalization,and a combination of preserving the public-welfare-serving virtue of public sector and utilizing means of market operations.Development of economics in China needs to adhere to Marxism as a guide,build an economic theory with Chinese characteristics,and take a path of independent development.

Key concepts: China, Socialist market economy, Economic system, Market mechanism, Independence (probability theory), Economic reform, Economics, Government (linguistics)

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